CAPE TOWN, South Africa,
July 19, 2011 /PRNewswire/ -- Vantage
Health (OTC BB: VNTH), ("Vantage"), ("company") announced today
that it has successfully conducted discussions with senior
government officials from the Ministry of Health and Social
Welfare, Tanzania Food and Drug Authority, and Medical Stores
Department, all representing the United Republic of Tanzania ("URT") which talks have resulted in
a decision to draft a formal Public Private Partnership ("PPP")
Agreement between Vantage, its local 51% owned Tanzanian
subsidiary, Vantage Health Tanzania Limited ("VHTL"), and the
Tanzanian government. In addition, VHTL is currently participating
in its first URT essential medicine government tender, the results
of which are expected to be announced by the URT Medical Stores
Department by November 11, 2011.
VHTL is also actively negotiating with the Tanzanian Medical
Stores Department to supply medicine and consumables in the URT
healthcare sector which are not currently covered by existing
supply contracts or agreements, and which fall outside current
guidelines for competitive tender.
In addition, Vantage ultimately intends to provide construction
plans before the end of 2011 for URT's first API (Active
Pharmaceutical Ingredient) formulation and manufacturing facility
(the "plant"). Subject to concluding the PPP Agreement with URT,
and after completion, it is anticipated that Vantage would arrange
for the necessary skills transfer and then operate the plant
through its 51% owned URT subsidiary, Vantage Health Tanzania
Limited ("VHTL") on a Build, Own, Operate, Transfer basis. It is
intended that income from the plant would accrue to the benefit of
VHTL for a period of 20 to 30 years, secured by URT government off
take, after which, ownership of the plant would revert to the
government of URT for the benefit of URT's citizens. Further,
Vantage has committed to participate in dealing with the problem of
HIV/AIDS in URT, through the provision of the latest HIV Rapid Test
Kits and the newest generation of antiretroviral treatments as well
as counseling for those who test positive to HIV. To this end, VHTL
intends to assist with refurbishing and managing clinics and
medical centers throughout the country, in both metropolitan and
rural areas, for the sole financial benefit of VHTL. In addition,
VHTL also intends to create and own a chain of women's health
clinics, or Maternal Obstetric Units ("MOUs") in URT, specializing
in normal deliveries and women's health, including gynecological
outpatient procedures, screening and women's imaging. The MOU's are
relatively cheap to establish and operate with a low cost base. In
some cases, mobile clinics may be established for use in remote or
rural areas. Wherever possible, VHTL will seek to combine these
MOU's with clinics that can also serve to test, treat and counsel
both male and female patients who have tested positive to HIV.
Tanzania's Minister of Health
and Social Welfare, the Honorable Professor Hadji Mponda, added:
"After meeting with Dr. Ramakrishnan, Vantage Health's CEO, I am
very happy to announce that a preliminary agreement has been
reached. I have asked Dr. Ramakrishnan to work with our relevant
government departments in drafting a formal Public Private
Partnership agreement, which would set out in detail the terms
under which Vantage and my department would cooperate. It is the
mandate of my Ministry to ensure that healthcare policies are
implemented effectively. With Vantage's involvement and our
combined resources, I have little doubt that we have taken a major
step forward in bridging some of the important healthcare gaps that
exist in Tanzania. I look forward
to working with the company for the benefit of the citizens of
Tanzania."
Dr. Lisa Ramakrishnan, President
and CEO of Vantage Health, commented: "We are very excited and
proud to be working with the leadership of the United Republic of
Tanzania to assist in addressing
their key concerns in the Tanzanian healthcare space. This is a
long term project for our company and I believe over time, will
return value to the citizens of this wonderful country, as well as
our shareholders. I would also like to thank the many individuals
who helped put this project together, and in particular, Prime
Minister Pinda, and his Minister of Health and Social Welfare,
Doctor Mponda."
About Vantage Health
Vantage Health is an African based health care products and
medical consumables supply company focused on building its core
supply business through government and local partnerships, and
alleviating the burden of HIV/AIDS and disease on the African
continent. The company currently has two subsidiaries, Moxisign
(PTY) Ltd., a South African entity 49% owned by Kopano Ke Matla
Investment Company, the investment arm of the Congress of South
African Trade Unions ("COSATU"), and Vantage Health Tanzania
Limited, 49% owned by Tanzanian investors. Vantage Health intends
to create a healthcare company with a dominant presence in sub
Saharan Africa in the medical supply and manufacturing sectors, as
well as the construction of hospitals, maternal obstetric units,
and clinics.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks, uncertainties and assumptions that, if they never
materialize or if they prove incorrect, could cause the Company's
results to differ materially from those expressed or implied by
such forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including any projections of earnings,
revenue, or other financial items, any statements of the plans,
strategies, and objectives of management for future operations, any
statements concerning proposed new products, services or
developments, any statements regarding future economic conditions
or performance, statements of belief and any statements of
assumptions underlying any of the foregoing. These statements
are based on expectations as of the date of this press release.
Actual results may differ materially from those projected because
of a number of risks and uncertainties, including those detailed
from time to time in the Company's reports filed with the
Securities and Exchange Commission. The Company assumes no
obligations and does not intend to update these forward-looking
statements.
Vantage Health is a US company (OTC:BB – ticker symbol VNTH)
recently incorporated and public since February 2011 with the goal of providing
healthcare related products and services in sub Saharan Africa.
For more information about
Vantage Health, please contact:
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Dr. Lisa Ramakrishnan / Karen
Sylvester
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Tel:
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+27 (0) 21 813 6863
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Fax:
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+27 (0) 86 604 7593
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ceo@vantagehealth.co.za
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www.vantagehealthgroup.com
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SOURCE Vantage Health